How Not to Run Out of Money in Retirement
It’s a fear many retirees have. Indeed, Maurie Backman states you’re at risk of depleting your savings no matter how much money you have at the start of retirement. Backman suggests three things. One, establish a safe withdrawal strategy. Two, aim to get more income out of Social Security. That means not claiming at age 62. One claim up to age 70 and get substantially more each month. Three, consider an annuity for guaranteed income. Full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.